Elevance Health, Inc. $ELV Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Elevance Health, Inc. by 7.5%, selling 6,314 shares in the first quarter, leaving it with 78,213 shares valued at $34 million.
• Institutional investors collectively own 89.24% of Elevance Health, with notable transactions including GAMMA Investing LLC increasing its stake by 81,726.5% in the same quarter.
• Recent analyst activity shows a downgrade of Elevance Health from "strong-buy" to "hold" with price targets adjusted downwards by multiple firms, indicating caution among investors.

State of New Jersey Common Pension Fund D reduced its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 7.5% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 78,213 shares of the company's stock after selling 6,314 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Elevance Health were worth $34,020,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Accredited Wealth Management LLC bought a new position in shares of Elevance Health during the 4th quarter valued at about $25,000. Private Wealth Management Group LLC lifted its holdings in Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after buying an additional 38 shares during the period. Riverview Trust Co lifted its holdings in Elevance Health by 1,340.0% in the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after buying an additional 67 shares during the period. North Capital Inc. bought a new position in Elevance Health in the first quarter worth about $36,000. Finally, Orion Capital Management LLC purchased a new position in shares of Elevance Health in the 4th quarter valued at approximately $39,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Trading Up 1.0%

Shares of ELV traded up $3.1120 during mid-day trading on Tuesday, reaching $312.4320. 2,444,455 shares of the company's stock traded hands, compared to its average volume of 1,973,381. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $567.26. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The stock has a market cap of $70.35 billion, a P/E ratio of 13.29, a P/E/G ratio of 1.13 and a beta of 0.58. The stock's 50-day moving average is $329.92 and its two-hundred day moving average is $380.93.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The business had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.Elevance Health's revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the business posted $10.12 earnings per share. Research analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be given a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio is presently 29.11%.

Insider Activity

In related news, CEO Gail Boudreaux purchased 8,500 shares of the business's stock in a transaction dated Friday, July 18th. The shares were acquired at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the acquisition, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. The trade was a 5.96% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company's stock.

Analyst Ratings Changes

ELV has been the subject of a number of research analyst reports. UBS Group restated a "buy" rating and issued a $484.00 target price (down previously from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. JPMorgan Chase & Co. lowered their price objective on Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a research note on Tuesday, July 22nd. Truist Financial lowered their price objective on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Guggenheim lowered their price objective on Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Finally, Argus reiterated a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $413.81.

Elevance Health Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.